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Petitioner also has a J.D. degree. While in law school,
petitioner was employed by a patent attorney and conducted
numerous patent searches.
Petitioner was an associate, and subsequently a partner, of
the law firm of Shea and Gould from 1966 until 1989. Petitioner
wife (Mrs. Carroll) was not employed outside the home.
Petitioner was introduced to Clearwater and its general
partner, Winer, by Mr. Hirschfield, a partner at Shea & Gould.
Petitioner read the offering memorandum and the reports contained
therein and discussed the investment with other partners at his
firm, including Alan Parker, the senior tax attorney at the firm,
who were investing, or considering investing, in the Plastics
Recycling Program.
Petitioners had no knowledge concerning the plastics
industry and/or plastics recycling. Petitioners did not see a
Sentinel EPE recycler prior to their investment in Clearwater nor
did they do a patent search on the EPE recyclers. Rather,
petitioner was aware that the promoters had not applied for a
patent for the recyclers but concluded it was because they wanted
to keep their invention a trade secret. Petitioner relied almost
exclusively on the Clearwater offering memorandum (and the
reports of Burstein, Ulanoff and WMDI, contained therein) and
Petitioner’s assessment of those reports as accurate. Petitioner
considered the caveats and warnings contained in the Clearwater
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